Section 57-41-3 - General powers of governing bodiesThe governing body is hereby granted the following powers, together with all powers incidental thereto or necessary for the performance of those hereinafter stated, in order to effectuate the purposes of this chapter:
(a) To enter into loan agreements with an industrial enterprise with respect to one or more projects for such payments and upon such terms and conditions as the governing body may deem advisable in accordance with the provisions of this chapter;(b) To borrow money and issue its notes for the purpose of making loans to industrial enterprises to finance one or more projects; however, no loan shall exceed five hundred thousand dollars ($500,000.00) for any one (1) project;(c) As security for the payment of the principal of and interest on any notes so issued, to assign and pledge all or any part of its interest in and rights under the loan agreements relating thereto to financial institutions purchasing the notes, together with all notes and deeds of trust delivered to the municipality pursuant thereto.The powers conferred upon the governing body of a municipality under this chapter may be exercised only after the governing body has obtained a certificate of public convenience and necessity from the Mississippi Board of Economic Development for each project of an industrial enterprise.
Laws, 1981, ch. 463, § 2, eff. 7/1/1981.